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Note 8 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		2023				2022
Deferred tax assets		$	329,121			$	300,050
Deferred tax liabilities			-
		$	329,121			$	300,050

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		2023				2022
Income tax on income before extraordinary item:
Tax at statutory rates		$	72,357			$	(464,762	)
Tax effect of the following:
Federal statutory depletion			(9,516	)			(18,798	)
State statutory depletion			(5,124	)			(4,153	)
Stock-based compensation			79,109				-
Other			2,414				-
Income tax on income		$	139,240			$	(487,713	)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		2023				2022
Net operating loss carryover		$	-			$	6,487
Percentage depletion carryover			-				22,951
Stock-based compensation			516,785				458,276
Casualty loss			(77,714	)			(77,714	)
Deferred gain			(109,950	)			(109,950	)
		$	329,121			$	300,050

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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